I don't have to tell you how much it hurts to fill up my gas tank. You probably feel it, too. I've had to stop watching the pump as I fuel my vehicle. As I approach $30, I always feel like I should almost be done pumping, only to realize I still have more than five gallons until my tank is full.

It's just too painful to watch!

Rising gas prices are top of mind for many people these days, and school administrators and students are no exception. Both groups are searching for solutions to curb higher prices at the pump .

Some schools are offering hybrid classes  with a portion of the classes held in person and the other portion online or through remote video systems. I've also heard of some schools discussing shorter school weeks.

Students are turning to other methods, as well. Online class  registration has surged at many colleges and universities. Even traditional students who'll live on campus are altering their college choice  based on traveling costs.

I'm curious if any of you readers have been affected: Is the higher cost of commuting changing your education plans?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in College, College selection, Money management, Paying, Preparing, Saving, Wells Fargo Bank

When I was just out of college, working at my first job, grocery shopping was no fun. I carried a calculator with me to make sure I didn't run my bill over $40 each week. I bought lots of hot dogs, mac-n-cheese and generic pop . Back then I longed for the day when I'd just be able to walk into a grocery store and buy whatever I liked.

Fast forward to today. I've been buying whatever I like at the grocery store for the past 10 years. But now, with two little ones at home and another one in college, and price of gas  three times what it was when I was a struggling recent grad, I'm taking some tips from that younger, poorer version of myself.

I've embarked on an experiment to see how many store-brand  items I can buy, and which ones are truly unacceptable substitutes. For some items, I've always bought store-brand: paper towels, aspirin, that sort of thing. But recently I've started wondering why I pass by the store-brand on other items. Typically store-brands run anywhere from $.30 to a dollar or more cheaper per item. So I've started branching out and I've found that most times store-brands are practically indistinguishable from their brand-name counterparts. I really haven't hit a clinker yet — store-brand breakfast cereal was a particularly tasty surprise — and I'm saving upwards of a $1 per box.

I don't know why I'm getting such a kick out of saving money this way now — when it bothered me so much in my younger days. Probably because now it's a choice, and back then, it wasn't.

If you're in post-college penny-pinching mode — are you doing anything to save money that you hope is just temporary?

Posted by Caroline at 11:15 AM |  Contact Caroline |  Permalink  |  Comments (0)
Found in Budgeting, Financial education, Looking back, Money management, Paying, Post-college, Saving, Wells Fargo Bank

Every once in a while I make an online purchase so good that I track its movement almost ritualistically. For example, when my new iPod Nano  was on its way, I hit up the FedEx package tracker  on pretty much an hourly basis to watch my new gadget travel from China to South Dakota (with stops in Alaska and Kentucky along the way).

I’m currently tracking something else, and my excitement is palpable. I seriously can’t wait for my something to get here. And literally I mean “something.” The package is coming from the Something Store .

Now, you know I’m trying to be good about frivolous spending, but when I heard the story about the Something Store on NPR , I just had to try it. So here’s my endorsement for one-time frivolous spending … with a $10 cap! :)

The anticipation of what my something is has been worth the price! The store offers you a chance to see recently shipped somethings  to get an idea of the kinds of items they send. I’ve been checking it regularly and guessing what my something will be. Fingers crossed for an auto emergency kit.

Of course I’ll let you know what my something is once it arrives! Hopefully it will be here soon.

Yay, surprises!

Posted by Barbara at 10:38 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Money management, Shopping, Social networking, Wells Fargo Bank

Okay, technically, it's not ME that has been framed. It's my new house!

Now that the walls are up, it's starting to feel more real each day. My contractor says I can expect to be finished sometime in September, almost a month earlier than planned. That means I need to get moving on selling my existing home — good thing I watch a lot of "Designed to Sell"  on HGTV .

Although I'm optimistic that I won't have too much trouble selling my current place (fortunately, the real estate market is still pretty healthy here in the Midwest), I've started to panic about funds. That's because in my Online Banking profile, I can see all the money that I'm on the hook for: my existing mortgage, my home equity loan (which I used to buy the land), and my construction loan. Let's just say that the debt outweighs my deposits by quite a bit, not a comfortable place for me.

Gulp. I keep reminding myself that real estate is an investment.

I've also been keeping an eye on mortgage interest rates, since I will need to secure my permanent financing fairly soon. Unfortunately, they have not been going in the direction I'd like them to! I'm trying to be optimistic about this, too. Worse comes to worst, I may end up with a higher rate initially and will plan to refinance down the road.

If you're not yet in a position to build your own new home, or if you think I'm just plain nuts to be doing so, you can get some practice by building a virtual one in Stagecoach Island. They've even got their own HGTV-esque show!

Posted by Staci at 10:00 AM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, Debt, Financial education, Home Ownership, Home equity loans, Interest rates, Money management, Mortgage, Preparing, Wells Fargo Bank

Lately, I've been trying to resist summer spending. And I've found a tactic that works pretty well to deter me from a purchase.

Really, I need to give my mother the credit. See, when I was younger and would beg incessantly for something, a frequent response from mom was, "Barbara, it would take me X hours of work to pay for that." It always got my little mind thinking.

And once you start making your own money, it makes you think even more.

In my opinion, one of my generation's  biggest struggles is really considering the value of something before you purchase it. We tend to just throw our money down instead of evaluating what it will actually take to buy the item.

Implementing my mom's logic has helped me get my arms around what an item will really cost me. Next time you're out shopping, try it! Make $10 an hour? You'll need to work five hours for those $50 jeans — or a whole day for that $80 to buy a couple new video games.

Kind of puts it in perspective.

Recently, I've been searching for a new dress to wear to summer weddings. After browsing online and selecting some options , I ran the numbers. Turns out, some of my favorites would cost upwards of a whole day at work! A new dress isn't worth that much to me!

Looks like I need to adjust my price range to around two or three hours…or not buy a new dress at all. As Staci just reminded me after popping into my cube, I already bought a dress quite suitable for summer weddings.

Drat! Why does she always have to be so practical?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (5)
Found in Budgeting, Financial education, Money management, Paying, Wells Fargo Bank

Living in California , we've been lucky to start out summer early with sunny weather and backyard barbecues .

With the 70-degree weather this past weekend, I managed to attend not one, not two, but three BBQs — one of which was a backyard pool party! It was so much fun, but also somewhat dangerous because small children love the water.

Both of my girls take swim lessons — mainly for safety so they learn how to float on their back. Those lessons came in handy on the weekend. Long story short, my two-year-old couldn't wait for daddy and left the safety of the pool step to try a few laps on her own!

Needless to say, she didn't get very far. After a few strokes she did the right thing and rolled on her back, but I scooped her out immediately. I was slightly freaked of course, but happy that she was able to float rather than sink!

As I came into work today, I thought about my daughter's incident, and how it's actually a pretty good analogy for managing credit. Let me explain…

Building and maintaining good credit has never been more important, or more challenging. It is important for everyone to learn how to "swim" by understanding how to manage the debt you take on, especially in these tougher economic times.

Just as my daughters take lessons to learn how to be safe while swimming, we all can take lessons to become smarter about credit . If you're looking for some ways to help you stay above water, here are some good tips on building and maintaining good credit.

What other resources have helped you stay afloat?

Posted by Dinna at 10:00 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Credit, Debt, Financial education, Looking back, Money management, Preparing, Wells Fargo Bank

Sometimes there is no better feeling than arriving home after a long day at work. Just entering my house, I often breathe a bit easier.

On my arrival home last week (after greeting Bill and supplying her dinner, of course), I grabbed the mail and plopped down on my couch to sort the "keep" (mail I need/want) from the "shred" (junk mail o' plenty).

Included in the pile was my bill from Nebraska Furniture Mart  — that's where I purchased my living room furniture and later a kitchen table, both of which were financed at 0% interest for a set number of months. As I opened the envelope and read through the detailed statement, I realized: I'm sitting on something that I own.

What's a better feeling than the first step into your home after a long day at work? Paying something off. Removing a debt. Owning a large item outright. It's an awesome feeling. This furniture is completely mine — no more $100 a month from my budget!

Which brings me to another great thing about paying off one debt: more money to throw at other debt. Snowblower, anyone? (BTW, that's also at 0% interest!)

So what could possibly feel better than paying something off? I'm happy to say I know the answer to that, too! Buying something you've saved for. No financing needed.

I'll talk about my big purchase in another post soon...stay tuned!

Posted by Barbara at 08:57 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Debt, Financial education, Money management, Paying, Saving, Wells Fargo Bank

Anyone else excited for the unofficial start of summer after yesterday's holiday?  Personally, my excitement is fueled by the return of white shoes and linen pants to my wardrobe rotation! :)

I'm only half kidding — I'm old school like that. 

Important fashion rules aside, I do welcome this seasonal change, even though I don't get the traditional "summer break" anymore. (I knew I should've gone into teaching!) To be fair, I haven't had a true summer break since high school. Summers during college were just as busy as the school year!

How are you spending your summer? Between internships and summer school, I bet you guys don't have much of a summer break either!

Speaking of spending your summer, the unofficial start of the season is a good time for a budget check. If you're living off your financial aid through summer school or during an unpaid internship, it's especially important to resist the temptation to spend on non-essentials.

Here are some suggestions for minimizing your summer spending (I plan to do all three of these):

• Cancel your gym membership and play outside — just remember to put on the sunscreen  first.

• Invite your friends over for a potluck cookout instead of paying for overpriced food and drinks at outdoor cafés.

• Find cheap entertainment: convince your father, sibling, or handy roommate to build you a cornhole  game for hours of backyard fun!

Now, if only the weather would cooperate, I could get down to business. Summer…hurry up!

Posted by Barbara at 09:26 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in Budgeting, Financial education, Holidays, Money management, Preparing, Wells Fargo Bank

It's graduation time! Congratulations to those of you who are finishing your degree this month. Take time to celebrate, but don't forget your student loan payments will be here before you know it (wah wah!) .

Luckily your Federal Stafford Loans will likely have a 6 month grace period before your first payment. Have you thought about how you're going to use that time?

If you have unsubsidized Federal Stafford Loans, where all the interest accrued is your responsibility, you could use your grace period to pay off interest you've accrued during school. Otherwise, that interest will be capitalized (added to your principal balance) once your grace period ends.

That means you'd pay interest on interest. Paying even just a portion of your interest off could make sizeable difference in the total amount you pay.

If the government is paying your accrued interest with a subsidized Federal Stafford Loan or if you've already paid interest off yourself (nice work!), here's another idea for your grace period: practice making your payments. This way, you get used to making a payment each month AND you'll have a nice stash of cash once repayment does begin.

One other thing to think about: If you're finishing graduate school and dealing with Federal PLUS Loans for graduate students as well, know that you won't have a grace period on those loans. Repayment begins immediately even if you had your payments deferred while you were in school. However, some lenders will give you the option to align the repayment start dates of your PLUS and Stafford loans through a forbearance.

Posted by Barbara at 10:37 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in College, Federal loans, Money management, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

One of my great pet peeves in life is late fees. Whether they're at the video store, the library or on my credit card bill — it drives me crazy to have to pay extra just because I'm disorganized.

Recently my Gap  credit card bill arrived with a $20 late fee attached. Oops, I forgot to tell my husband that I applied for the card — he thought the first bill was junk mail and tossed it.

Fortunately, I was able to explain the circumstances to the nice people at the Gap, and they reversed the charge. But that only works once in a great while!

Then my stepdaughter found a $20 late fee on her credit card bill. Her bill comes to our house, and she ended up paying it a few days late. This was the first time she wasn't able to pay off her credit card without carrying a balance, so seeing the late fee in addition to the accrued interest is not something that she's likely to forget soon!

It seems like I'm always paying late fees on silly things like movies we rent or books I check out from the library. While these aren't much, they do add up over time. My new system to avoid these fees involves leaving myself a Post-It note  on our back door to remind me when things are due.

Hey, whatever works!

How do you stay organized to avoid late fees?

Posted by Caroline at 09:01 AM |  Contact Caroline |  Permalink  |  Comments (5)
Found in Credit cards, Fees, Money management, Paying, Wells Fargo Bank

When I was a child, I learned somewhat of a clothing mantra: Buy it on clearance, hand it down, repeat.

As the youngest of four girls, I quickly became familiar with "new to you." This was, generally, a practice I was fine with. My wardrobe did occasionally include a questionable piece from say, the mid-'70s (keep in mind I was born in 1984), but it was OK. And to be fair, I did get clothes now and then that weren't the pre-worn type.

My childhood "fashion" gave me the hand-me-down  mentality. When I shop, it's usually a beeline to the clearance racks. While I'm willing to spend a bit more on things that will last, generally, I stick to the marked-down merchandise.

But every once in a while, the rebellious bug strikes me, and I find myself in the checkout line with a full-priced Anne Klein  dress. (To my credit, it was full-priced at T.J. Maxx , but still.)

Sometimes I wonder if other folks have the same reaction after a frugal upbringing. Do you ever just get the urge to spend on something you usually are frugal with?

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Financial education, Looking back, Money management, Paying, Wells Fargo Bank

Financial literacy is often on my mind, but this month especially as I'm reading about it on many fabulous blogs  and in the news . Last April was declared National Financial Literacy month, and this year many people are using the month again to promote financial literacy .

When it comes to finances I like to think I have a good head on my shoulders. But I'll be the first to admit, I am far from financially fluent.

Obviously, I have a pretty strong grasp of student loans (despite never having any), thanks to my job. I also know about budgeting and emergency savings. But there is one word that still scares me: investing.

Stocks, bonds and all that jazz intimidate me. It has something to do with the image the word "investor" conjures up in my mind, I think. You see, to me investors are those mathy folks who wear suits and say things like "dividend"  and "hedge fund." 

Now, I have a 401k and make regular contributions, but the money still goes to the default fund. I have yet to research and reallocate my funds. Each time the quarterly statement arrives I think, "You should really read up on this." But I have yet to follow through with that thought.

Since we're in financial literacy month, I'm going to fight my fear and get over my preconceived notions. Local library, here I come to arm myself with investing information!

I know I shouldn't need a special month to motivate me, but sometimes a little extra push helps.

If you need a push, here's one from me: Check out Wells Fargo's Hands on Banking® Program  to learn more about the financial topics you don't know much about. There is even a section specifically for young adults.

And if you're looking to boost your student loan literacy let us know what you're curious about or start with some basics from the blog. 

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in 401K, Budgeting, Financial education, Hands on Banking, Investing, Money management, Preparing, Wells Fargo Bank

It's April 15: Tax day. (Insert your favorite ominous music here.)

My 2007 taxes  were finished a few weeks ago, and already the small refund has been directly deposited in my account. Barbara had to pay in a little this year, but in 2008 she should be able to reap the tax benefits of a full year of homeownership.

However, the April 15 deadline still looms for other financial decisions. Just yesterday I made the mad dash to my broker's office to deposit the allotted 2007 nondeductible contribution amount for my Roth IRA. Nothing like getting it in under the wire.

If you're still in college, you might not be thinking about retirement just yet — I know I wasn't. In fact, my IRA was a college graduation gift from my father. He contributed $2,000 annually for 10 years — a pretty generous start to my retirement nest egg. (Thanks, Dad!) Over time I converted it to a Roth account from a Traditional IRA and upped the contributions as both the law and my income allowed.

This year, I decided to put some of my tax refund toward my IRA contribution and use the rest to pay the first installment of my 2008 property taxes — certainly not the splurge items I used to treat myself to! It all feels so grown-up.

Where's your tax return going this year?

Posted by Staci at 09:56 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial education, IRAs, Looking back, Money management, Preparing, Roth, Saving, Taxes, Traditional, Wells Fargo Bank

Do you eat breakfast?

I normally don't...well, I guess I get my soy chai latte . But on the weekends, I love to eat breakfast...or should I say I love eating out for breakfast!

So last Sunday, I packed my family in the car. All of us were excited to have French toast, crab hollandaise , savory crepes, and Mickey Mouse-shaped pancakes at our favorite breakfast destination. When we arrived, however, we were devastated to see a "Thank you for your business" sign posted at the entrance. Our beloved Crepevine had closed down! We took our grumbling tummies back home and complained while we ate cold cereal and milk.

Unfortunately, I'm noticing a lot more businesses closing around town...not just restaurants but furniture stores, specialty boutiques, pet shops, tea bars, etc. I guess it's a sign of the times. It makes me think about what I should be doing to prepare myself for a financial "rainy day." Of course the obvious (but not so fun) thing to do is to cut back on expenses.

Comfort food  is my vice...but I guess I could make breakfast instead of going out. Maybe I could have that $3 latte a couple of times a week instead of everyday. And do I really need that glass of wine with dinner? Wait, let's not get carried away!

In these economic times, it doesn't hurt to be a little more disciplined. I mentioned in an earlier post that I was thinking of going back to Australia to visit. Well, that's an expense I've decided to do at a better time...maybe when the exchange rate for the dollar is more favorable.

How has the current economy affected your lifestyle?

Posted by Dinna at 10:00 AM |  Contact Dinna |  Permalink  |  Comments (0)
Found in Budgeting, Exchange rates, Financial education, Food, Money management, Travel, Wells Fargo Bank

As I get further into the home building process, I'm confronted with a lot of "might as well" temptations. You know — I might as well add extra square footage here, I might as well install more lighting there, I might as well finish the basement now instead of waiting a few years.

Before I know it, I've might as welled myself right over my budget.

College presents you with a lot of "might as well" temptations, too — ones that you might be paying off for a long, long time, if you're not careful. Here are a few examples:

Might as well (MAW): I don't need all of these student loans, but they've been offered to me, so I might as well take them.

Why you should resist (WYSR): If you don't need the money to pay for school right this minute, don't take the loan. You're going to have to pay it back, with interest. In most cases, the interest starts accruing as soon as the loan is disbursed. Why pay interest on money you don't need yet?

MAW: I've got leftover financial aid money — I might as well use it to buy an Xbox .

WYSR: If you have leftover financial aid money — and really, you shouldn't, if you look at the previous WYSR — throw it at next semester's tuition, or use it to pay for living expenses. An Xbox does not count as a living expense. Besides, shouldn't you be studying? If you really need to play Halo  or Guitar Hero  (and sometimes you do — it is good stress relief), just head over to your friends' place and take advantage of their poor financial decision making.

MAW: Even though I'm financing my college education with loans, I might as well skip my Economics class. It's boring, and I'm tired!

WYSR: Think about what your classes cost per credit hour, figuring in books and other materials. Then think about the interest rate on your student loans. There's some sort of mathy economics formula for figuring out exactly what skipping class costs, but you don't know what it is because you skipped Economics! Bottom line: time is money. Get your money's worth by getting out of bed and going to class.

Feel motivated to fight off the "might as wells" now? I sure do. I'm off to resist the temptation of granite countertops.

Posted by Staci at 12:40 PM |  Contact Staci |  Permalink  |  Comments (2)
Found in Budgeting, College, Debt, Financial aid, Financial education, Money management, Paying, Preparing, Student loans, Wells Fargo Bank

March went out like a lion  in South Dakota. We had quite the winter storm system pass through the area this week. That thick layer of frosting now covering the emerging green grass inspired me to talk to you about snow, well, actually snowflakes.

Snowflaking is a concept that personal finance blogger paidtwice  discusses on her blog I've Paid For This Twice Already... .  She offers a basic introduction to the idea of snowflaking here. 

Basically, it's taking any extra money you scrounge up and throwing it at your debt — even if it's only an extra dollar or two. Earlier in March, I offered similar advice to one of our readers through comments. It's a practice I follow myself. Each month, a little extra ($44) goes toward my mortgage balance.

Recently, paidtwice offered a great illustration  of how throwing a little extra toward your debt balances can pay off. So, to bring my advice full circle, I decided to calculate just how much power that $44 each month has.

According to the calculator she links to, here is the estimated payoff:

If I paid the minimum amount, I would take 190 months to pay off my mortgage and I would pay $63,743.00 in interest.

But by adding that $44 every month my payoff time is reduced to 179 months. Not only do I take a year off of my repayment, I also save over $4,000 in interest! Those are pretty big results for a little extra each month.

So, while real snowflakes are hindering spring and all of its new beginnings, financial snowflakes can be a great catalyst to help us reach our financial new beginnings faster.

Posted by Barbara at 10:00 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Debt, Financial education, Money management, Paying, Wells Fargo Bank

When it comes to my finances, every cent is accounted for somewhere in my budget. Usually, I cut it pretty close due to my savings goals, some debts and my choice to spend more on housing.

In general, I run a pretty tight ship financially speaking. However, lately (and forgive me for going all Titanic  on you) I've hit some financial icebergs. And slowly, my checking account balance has depleted while my credit card balance has grown.

To put it frankly, my budget is sinking.

The change stems from my recent medical expenses. Starting to pay off my account balances with the doctors and hospitals means less to spend (or save) elsewhere. For three months now I've been throwing $100 toward the balance. And it's beginning to wear on me.

But I can't complain too much on this one. My health insurance is amazing, so it's not a huge burden. I'm paying just over $1,000 for a major medical expense that totaled around $115,000, which is downright awesome.

Still, it's amazing how an additional $100 out of my pocket can skew my finances each month. Celine Dion  should be playing in the background when I check my account balances these days!

Perhaps my budget is a little too tight. To remedy the situation, I'm looking for ways to cut back and control truly unnecessary spending. Some spending (wants not needs) will have to wait until that $100 each month is back in my pocket.

What kinds of financial icebergs have you encountered? And how do you stay afloat when you hit one?

P.S. No matter how hopeless, I'll never let go! 

Posted by Barbara at 10:48 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Checking, Credit cards, Money management, Wells Fargo Bank

I saw my dream car  on the way to work today. While idling at a red light about 6 blocks from work, my eye drifted over to the car on my right. And there she was...Galaxy Gray Metallic with an Ivory interior and the "hybrid" stamp on the trunk. Ahhhhh.

I heart that car...a lot.

But lately, as the 2008 Diet Coke Savings Plan (part of my down payment savings) slowly progresses forward and my Alero keeps on truckin', I've been taking a closer look at my options.

There are quite a few things to consider when searching for a new or new-to-you car. I recently came across a fantastic tip sheet from our friends in the Wells Fargo Personal Credit Management group — they specialize in vehicle lending. This resource really got me thinking about my auto search and financing.

Pretty early into my search, I settled on a hybrid. The idea of going green , plus some tax credits  for doing it, really appealed to me. However, that means paying more upfront.

And if I want to reap those tax benefits on the specific model I've chosen, I have to buy before the end of the year. But that's probably not realistic given the amount I want to save for a down payment, so I've got some thinking to do.

Could I finance a little more with a smaller down payment? Should I give up the tax break? Would it be better to wait and buy used? Should I rethink my hybrid mentality? And the list goes on...

The wheels are turning (ridiculous pun, sadly, intended).

So I decided to follow tip #6. Get the opinion of an objective friend (or more than one). What do you guys think?

Posted by Barbara at 11:30 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Cars, Financial education, Money management, Paying, Saving, Wells Fargo Bank

I recently came down with the cold/flu bug that everyone seems to be sharing this month. While glued to my couch with my "supplies" (Odwalla , applesauce , Emergen-C , biscuits  and soup ), I watched an unhealthy amount of television &mdash including every episode of the incredibly lame addictive new Bravo show Millionaire Matchmaker . The main dame, Patti, is really passionate about her business and is pretty straight-up with her approach to matchmaking.

What got me thinking were these love-challenged millionaires. What are they doing to make their millions? What are they doing to be financially successful? But clearly that's not what the show is about.

As for the rest of us "common folk" and millionaire wannabes, I myself have been trying to be a little more disciplined about saving money lately. Wells Fargo tells me the easiest way is to make it automatic. So I did. Check out My Savings Plan. (Not mine, but how to set up yours.)

What you do is create an automatic transfer from your checking to your savings every month. Or, separate from My Savings Plan, if you have direct deposit, you can divvy up your paycheck to have some go into checking and some going into savings, automatically. Money you don't see in your checking account is money you won't spend, right?

On that note, if you are really into tricking yourself with the whole out of sight, out of mind bit, you can alter the look of your online banking accounts. If you click on the "Account Services" tab, then select "Remove Accounts" (under "Account Information"), you can actually hide your savings account from yourself. You are not cancelling your account &mdash simply removing it from your view. (And you can always add it back just as easy.) This way, you know how much you are saving in your head and on your monthly statements, but it's not staring you in the face with every online session taunting you: I'm liquid savings and can easily be yanked out to buy an iPhone  .

Yes — automatic savings gets a bravo in my book!

Posted by Rachel at 09:54 AM |  Contact Rachel |  Permalink  |  Comments (0)
Found in Banking, Financial education, Money management, Online banking, Saving, Wells Fargo Bank

2008 is a leap year , and today, it's leap day . Apparently, we're now astronomically in synch. Whew, some sort of calendar crisis has been averted!

I don't claim to know much about leap years, but lately I have been thinking about different kinds of leaps: leaps of faith. Not so much in the religious sense, but more in the "take a chance" sense.

We all take these leaps from time to time. We move forward and hope for the best. In fact, it could be argued that every choice you make is a leap of faith, one that sets you on a course that could affect your life's outcome.

Recently, I made a leap of faith — and a rather large one at that. I bought a piece of land, and with a contractor's help, I'm in the process of designing and building a new home. Yikes!

Sure, I worried that it's a crazy thing to do in today's economy, that I wouldn't be able to sell my current home, that I should be waiting until I'm more of a grown-up to take on this type of project.

And then I leapt.

Students, during this exciting time in your lives you're taking leaps of your own, and you may not even know it! The college you decide to attend, the course of study you select, even the way you pay for your education — they're all leaps of faith. You don't know for sure, but you hope that these decisions will pay off in the end — personally, professionally, and financially.

If they don't turn out exactly the way you planned, though, you've still gained something important: life experience on which to draw, and wisdom with which to try again.

What leaps of faith are you taking these days?

Posted by Staci at 10:02 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial education, Money management, Paying, Wells Fargo Bank

Student LoanDown readers: I have a great link to share with you from one of my favorite personal finance bloggers, Trent at The Simple Dollar .

The blog covers a wide range of personal finance topics. Today he wrote an awesome post  about managing your money while in college and touches on making the most out of your education investment. Definitely a good read for the SLD community.

Posted by Barbara at 12:53 PM |  Contact Barbara |  Permalink  |  Comments (0)
Found in College, Financial education, Money management, Wells Fargo Bank

Did you know that there's a lot more to this February than Black History Month, Ash Wednesday, Valentine's Day, President's Day weekend, and Leap Day ? It's also Financial Aid Awareness Month, which we certainly would be remiss not to acknowledge (being that we're a student loan blog and all)!

In the spirit of awareness, I offer the following tidbits of advice for making the best of financial aid:

1. Save, save, save. Save your birthday money from Great Aunt Millie, your summer job earnings, and your tax return. I know it's hard. But save at least part of it, and sock it away for the biggest investment you'll ever make — your own education.

2. Find all the free money you can. Apply for every scholarship and grant that's applicable to you. Be tenacious — there's money out there for those who are willing to do a little digging. If all else fails, look for spare change on the sidewalk.

3. If you're gonna borrow, borrow a federal student loan first. Federal student loans have the lowest interest rates and the most flexibility for repayment, so you have options when the time comes to pay them back. Take the bit of time and effort it takes to complete the FAFSA (Free Application for Federal Student Aid) and get a federal loan first. Seriously, it's worth it.

4. Only AFTER you have secured federal funding should you borrow a private student loan. Private student loans are based on credit, and they're usually more expensive than federal student loans. You'll probably need a cosigner to get one, too. For some, private loans are necessary — that's why Wells Fargo provides them. But before you borrow, check out all the loan terms very carefully and think about what it'll cost to pay the loan back. (You will have to pay it back.)

5. Borrow only what you really, really need. C'mon, do you really, really need a BMW, a daily $4 latte, or a spring break trip to Cancun? No, you do not. You're in college. Be poor and whiny now so you don't have to be poor and whiny later.

Recently there was a great article in BusinessWeek  that provides some family financial aid strategies and an overview of the student lending landscape. In honor of this special month, check it out to boost your financial aid awareness, or share your own thoughts with the community here!

PS: I actually have a Great Aunt Millie.

Posted by Staci at 12:03 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in Financial aid, Financial education, Money management, Paying, Preparing, Private loans, Saving, Student loans, Wells Fargo Bank

For many animal lovers it's natural to want a pet of your own once you are able to house and afford one. I've always been a cat person, so it was only a matter of time before I found a feline friend.

I adopted the adorable Bill the cat (her cuteness has been previously displayed on this blog) about a year and a half ago. And what a ride it's been.

Let me preface by saying that I love my cat very much. She's been a fabulous, constantly purring companion during some difficult times, and she's always good for a laugh with her random kookiness .

However, Bill has put an interesting spin on my financials! I knew that getting a cat meant funding trips to the vet, food, litter, etc. However, I did not bargain for the expenses of her multiple "issues."

Soon after I adopted Bill